WASHINGTON—Flood risk is a reality for millions of Americans, but without congressional action by Sept. 30, the National Flood Insurance Program (NFIP) will expire. With time for reauthorizing the program running short, the American Academy of Actuaries is urging Congress to focus on renewing and improving the nation’s flood insurance framework that protects against this often expensive and sometimes catastrophic peril.

“From a public interest standpoint, there are two essential tasks facing lawmakers: first, renewing the program before a lapse causes disruptions; and second, improving the flood insurance framework and not just extending it in its current form,” said Academy Vice President of Casualty Rade Musulin.

On Aug. 23, the Academy’s Casualty Practice Council sent a letter to the Senate Committee on Banking, Housing, and Urban Affairs, which may consider a reauthorization bill after the Senate reconvenes in September. The letter urges consideration of NFIP improvements that:

The American Academy of Actuaries is a 19,000-member professional association whose mission is to serve the public and the U.S. actuarial profession. For more than 50 years, the Academy has assisted public policymakers on all levels by providing leadership, objective expertise, and actuarial advice on risk and financial security issues. The Academy also sets qualification, practice, and professionalism standards for actuaries in the United States.